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Montana’s largest comp insurer announces 3% rate reduction

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Montana’s largest workers compensation insurer announced that its board of directors has approved a 3% average rate decrease.

If approved by the state insurance commissioner, the rates proposed by the Montana State Fund will apply to policies incepting on or after July 1.

MSF said that with the pending reduction, average rates will be 54.1% lower than they were in 2006, the last year the state-chartered insurer increased rates. If the latest cut is approved, rates will be the lowest in MSF’s 32-year history.

Laurence Hubbard, president and CEO of MSF, said in a statement that the rate cut reflects ongoing efforts of state businesses to improve workplace safety.

MSF in November announced a $40 million dividend for nearly 22,000 policyholders that it said was possible because of increasingly safe workplaces as well as its investment performance.

WorkCompCentral is a sister publication of Business Insurance. More stories here.